(MENAFN- GlobeNewsWire - Nasdaq) Thailand's prepaid card and digital wallet market is set to reach $18.64 billion by 2025, growing by 15.8% annually with a CAGR of 13.4% through 2029. Key drivers include government digital payment initiatives and e-commerce expansion. The market is defined by prepaid-digital wallet integration and rising corporate use, shaping Thailand's cashless economy. Key players like Bangkok Bank and fintech innovators TrueMoney and Rabbit LINE Pay lead the sector. Enhanced digital payment infrastructure and regulatory support are poised to bolster financial inclusion and drive market competition.Dublin, June 09, 2025 (GLOBE NEWSWIRE) -- The "Thailand Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to ResearchAndMarkets.com's offering.
The prepaid card and digital wallet market in Thailand is expected to grow by 15.8% on annual basis to reach US$ 18.64 billion in 2025. The prepaid card and digital wallet market in the country has experienced robust growth during 2020-2024, achieving a CAGR of 18.1%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 13.4% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 16.09 billion to approximately US$ 30.87 billion.
Thailand's prepaid card market is on a trajectory of sustained expansion, fueled by government-led digital payment initiatives, evolving consumer behavior, and technological advancements. The increasing integration of prepaid cards with digital wallets and their growing corporate use for expense management are pivotal trends shaping the industry's future.
In the coming years, continued financial innovation and regulatory support are expected to foster Thailand's more advanced and digitally inclusive prepaid card ecosystem. This evolution will contribute to greater financial accessibility, improved business operations, and a more seamless digital payment landscape.
The Thai government's push for a cashless economy, including digital wallet stimulus programs, has increased the demand for prepaid cards. Moreover, the rise in e-commerce and digital banking adoption has reinforced the role of prepaid cards in online transactions, travel, and corporate expense management.
Continued Growth in the Prepaid Card Market
Key factors supporting this growth include government initiatives aimed at promoting cashless transactions. The Thai government's "digital wallet" scheme, which provides financial stimulus to millions of citizens, has accelerated prepaid card adoption. Additionally, e-commerce expansion has driven demand for secure digital payment methods, reinforcing the role of prepaid cards in online transactions. Over the next two to four years, the prepaid card market is expected to sustain its upward trajectory as digital infrastructure improves. Increased consumer trust in electronic payments and continued innovation in digital financial services will likely lead to broader adoption across different demographics. This growth will create opportunities for financial institutions and fintech companies to introduce more tailored prepaid solutions.
Expanding Integration of Prepaid Cards with Digital Wallets
Integrating prepaid cards with digital wallets is becoming a key feature of Thailand's evolving digital payment landscape. This shift allows users to manage funds, conduct transactions, and monitor spending seamlessly through mobile applications. As more consumers embrace digital financial services, prepaid card-linked digital wallets are emerging as a preferred payment method. Several factors are driving this trend, including rapid advancements in digital payment infrastructure and mobile banking solutions. These technological improvements have enabled smoother integration between prepaid cards and digital wallets. Additionally, the growing consumer preference for all-in-one financial platforms is accelerating adoption as users seek unified solutions that offer convenience and efficiency. Over the next two to four years, the integration of prepaid cards with digital wallets is expected to become more widespread. Financial institutions and fintech firms will likely introduce more sophisticated digital wallet features, enhancing security and usability. As a result, reliance on physical cash and traditional banking methods is expected to decline, reinforcing the role of prepaid cards in Thailand's expanding digital payment ecosystem.
Rising Corporate Use of Prepaid Cards for Expense Management
Thai businesses are increasingly integrating prepaid cards into their financial management systems to handle corporate expenses, including employee benefits, travel allowances, and operational costs. This shift allows organizations to improve financial efficiency while reducing reliance on traditional reimbursement processes. Companies can better manage disbursements by adopting prepaid cards and simplifying their accounting workflows. Key drivers of this trend include the need for improved operational efficiency and tighter financial control. Prepaid cards provide businesses with real-time transaction monitoring, enabling them to set spending limits and track expenses instantly. This feature enhances financial governance, reduces unauthorized spending, and increases corporate expenditure management transparency. Over the next two to four years, the corporate adoption of prepaid cards is expected to rise further. As businesses seek more secure and automated financial tools, the demand for prepaid solutions tailored to specific industry needs will grow. This trend will likely lead to the development of customized prepaid card offerings, expanding their role in corporate finance across various sectors in Thailand.
Key Players and Market Share
The prepaid card market in Thailand is dominated by established financial institutions such as Bangkok Bank, Kasikornbank, and Siam Commercial Bank (SCB). These banks offer a variety of prepaid card solutions for consumers and businesses and continue to integrate prepaid card services with mobile banking and digital wallets to enhance user convenience. Fintech companies have also entered the market, introducing innovative prepaid card solutions tailored to digital users. TrueMoney, AirPay, and Rabbit LINE Pay are key players offering prepaid solutions integrated with digital wallets. Global fintech firms such as Revolut and Wise are also gaining traction, leveraging Thailand's growing digital payments infrastructure.
Recent Launches and Partnerships
Additionally, in December 2023, TrueMoney expanded its prepaid card offerings by collaborating with Mastercard, enabling cross-border digital transactions. The deal is expected to strengthen TrueMoney's position as a leading prepaid card issuer in Southeast Asia. Consolidation is becoming evident with increasing competition as larger players acquire smaller fintech firms to enhance service offerings and expand market share.
Anticipated Market Evolution (Next 2-4 Years)
The competitive intensity in Thailand's prepaid card market is expected to increase as traditional banks and fintech companies enhance their offerings. With rising consumer demand for integrated digital payment solutions, financial service providers will continue introducing more feature-rich prepaid cards, including AI-driven expense management and enhanced security features. Furthermore, regulatory adjustments will shape the market landscape, compelling prepaid card issuers to comply with stricter financial security regulations. As Thailand progresses towards a cashless society, prepaid cards will likely play an even more crucial role in e-commerce, travel spending, and corporate financial management.
Regulatory Changes
Thailand has introduced new financial regulations to enhance consumer protection and digital payment security. In June 2023, the Bank of Thailand (BOT) updated its Electronic Payment Services Regulation, requiring prepaid card issuers to implement stricter Know Your Customer (KYC) and anti-money laundering (AML) protocols. The Thai government has also supported fintech innovation by promoting regulatory sandboxes, allowing startups to test new prepaid card solutions under controlled environments. These measures encourage financial inclusion while ensuring compliance with international security standards.
Prepaid Card Market Analysis
Metrics Assessed: The study examines the prepaid card market through various lenses, including transaction value, transaction volume, average transaction value, load value, and the total number of cards in circulation. Card Types: A distinction is made between open-loop and closed-loop prepaid cards, providing insights into their respective market shares and growth trajectories. Usage Categories: The report segments the prepaid card market into various categories such as general-purpose cards, business and administrative expense cards, travel forex cards, and meal cards. Business Segmentation: Further segmentation is provided based on business size and type, including small-scale businesses, mid-tier businesses, enterprise-level businesses, government entities, and retail consumers. Sector-Specific Applications: The analysis extends to specific sectors utilizing prepaid cards, including transit and toll payments, healthcare and wellness services, social security and other government benefit programs, fuel purchases, utilities, and more.
Digital Wallet Market Insights
Key Segments: The digital wallet market is dissected across five primary spending categories: retail shopping, travel, entertainment and gaming, dining establishments, and recharge and bill payments. Performance Metrics: For each segment, the report evaluates transaction value, transaction volume, and average transaction value, offering a granular view of consumer spending behaviors. Retail Spend Breakdown: An in-depth analysis is provided for retail spending via digital wallets, covering categories such as food and grocery, health and beauty products, apparel and footwear, books, music and video, consumer electronics, pharmacy and wellness, gas stations, restaurants and bars, toys, kids and baby products, services, and other miscellaneous categories.
Virtual Prepaid Card Market Segmentation
Categories Analyzed: The virtual prepaid card market is segmented into key categories, including general-purpose cards, gift cards, entertainment and gaming cards, teen and campus cards, business and administrative expense cards, payroll cards, meal cards, travel forex cards, transit and toll cards, social security and other government benefit program cards, fuel cards, utilities, and other miscellaneous categories. Performance Evaluation: For each category, the report assesses transaction value, providing insights into the adoption and usage patterns of virtual prepaid cards across different consumer segments.
Consumer Usage Trends
Age Groups: Identifying usage patterns across different age demographics. Income Levels: Analyzing how income brackets influence prepaid card adoption and usage. Gender: Examining differences in usage trends between genders.
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